Royal London has completed its acquisition of the infrastructure investment manager Dalmore Capital.
Dalmore Capital, which is based in the UK, manages around £6bn in assets across five flagship funds, with a focus on UK infrastructure and supporting the transition to a more sustainable economy. While its investments are primarily in the UK it also has holdings in Europe and Canada.
Ownership of Dalmore Capital and its asset servicing arm Resolis has now transferred to Royal London Asset Management. Both business will continue to operate as standalone entities.
This acquisition, which was announced in May this year, with Royal London pledging to commit up to £500m to future Dalmore funds.
This is part of Royal London wider commitments to the Mansion House Accord which saw it and other leading workplace pension providers commit to invest at least 10 per cent of their default strategies into private markets, of which half would be in UK assets.
Royal London says this transaction supports its strategy to broaden its private assets capabilities, providing customers with access to a more diversified range of investment options that can deliver a stable income and a positive social and environmental impact.
Dalmore’s portfolio also has strong environmental and ‘socially positive’ credentials. Assets include the Thames Tideway Tunnel, as well as 24 operational wind farms in the UK with total capacity of 562MW and a portfolio of run-of-the-river hydro generation projects in Scotland.
When announcing the acquisition Royal London group CEO Barry O’Dwyer said: “By acquiring Dalmore Capital, we can offer our individual and workplace pension savers access to the long-term, stable returns that infrastructure investments can potentially provide. Additionally, it demonstrates our commitment to invest in assets that support the UK’s drive for economic growth and an innovative, sustainable future.”